Nilanchal Spat merger with SAIL on anvil

New Delhi, Apr 25 (UNI) The Nilanchal Ispat Nigam Ltd (NINL) will be merged with the Steel Authority of India(SAIL) as soon as the process of evaluation of its shares is completed.

The proposal has been passed by the SAIL Board, Minister for Chemicals and Fertiliser Ram Vilas Paswan told the Rajya Sabha today during Question Hour.

The matter was stuck up over evaluation of the shares of the company, he said.

NINL is a public limited company located in Dhubri in Orissa whose shares are jointly held by MMTC Ltd, Industrial Promotion Investment Corporation of Orissa, Orissa Mining Corporation and National Mineral Development Corporation besides other minor entities.

The Minister said Orissa and MMTC both had expressed their reservation over evaluation of the company's share arrived at by IDBI at Rs 27.62.

A process was on to evaluate the NINL share by a mutually agreed investment banker, and a final decision will be taken by the Cabinet, he said.